@ Broward approves incentives for Apotex to hire 108, invest $108M | SEBIO

Broward approves incentives for Apotex to hire 108, invest $108M

Posted by on Feb 12, 2013

FORT LAUDERDALE, FL – The Broward County Commission unanimously approved its share of a $1.37 million incentive package on Tuesday for Apotex Corp., which could create 108 jobs in a generic drug manufacturing facility in Coral Springs.

The $102.9 million proposed investment would be one of the largest manufacturing projects in South Florida. If the company obtains state approval and then decides to move forward, it would renovate a 250,000-square-foot warehouse at 4250 Coral Ridge Drive that has been vacant for three years.

Toronto-based Apotex is the largest pharmaceutical company in Canada and has over 600 products. It entered Broward in 1999 when it acquired transdermal patch manufacturer Aveva in Miramar. Between Weston and Miramar, it has 360 employees in the county now.

The company could move its Miramar facility to the 38-acre site in Coral Springs and then expand with more generic drug manufacturing there. However, its application for incentives states that it is also considering Indiana and South Carolina for the expansion.

In a recent interview, Greater Fort Lauderdale Alliance CEO Bob Swindell said that Broward has a higher cost of land than the competing states, but Broward also has an experienced pharmaceutical manufacturing workforce that should make it easy for Apotex to find employees here.

Officials at Apotex could not be immediately reached for comment.

Apotex could receive up to $1.37 million in public incentives. That includes $825,000 in permitting and planning fee waivers from Coral Springs and performance-based Qualified Target Industries incentives of $54,000 each from the county and city, plus $432,000 from the state. In return, it would have to create and maintain those extra 108 jobs for four years at average wages of $49,555, plus maintain the pre-existing jobs.

http://www.bizjournals.com/southflorida/news/2013/02/12/broward-commissioners-approve.html?ana=e_du_pub&s=article_du&ed=2013-02-12

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